This invention relates to hard surfacing alloys and, more particularly, to iron base alloys which are cobalt-free and which utilize relatively high levels of nickel and low levels of chromium and boron. The alloys are suitable for use in arc or thermal welding or spraying to produce overlays to protect against wear in a variety of environments. More particularly, this invention relates to an iron base cobalt-free wear-resistant surfacing alloy system in the form of a mechanically alloyed wire. According to this invention, the wire is a metal core or flux core wire.